American International Group, Inc. New · NYSE:AIG
American International Group, Inc. New — American International Group — Investor Day (March 2025)
145 slides from American International Group, Inc. New's investor day presentation, Mar 31, 2025
Slide 1: Copyright All rights reserved.
Copyright © 2025 American International Group, Inc. All rights reserved.
Slide 2: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements Certain statements in this presentation and other publicly available documents may include, and members of management may from time to time make and discuss, statements which, to the extent they are not statements of historical or present fact, ma
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation and the remarks made orally may contain certain financial measures not calculated in accordance with generally accepted accounting principles (non-GAAP). Reconciliations of non-GAAP information to GAAP for measures noted within in accordance with Regulat
Slide 4: Welcome to AIG Investor Day 2025
WELCOME TO AIG INVESTOR DAY 2025 AGENDA Opening Remarks and Business Update | | Building for the Future Peter Zoffino, Chairman & CEO. Claude Wade, EVP, Chief Digital Oficer & Global Head of Business — Operations & Claims Keith Welsh, CIO Panel Discussion: Al ~ Reshaping — the Future of Insurance oe
Slide 5: Investor Day 2025
INVESTOR DAY 2025
Slide 6: Unprecedented Turnaround with Unparalleled Opportunity
Unprecedented Turnaround with Unparalleled Opportunity 6
Slide 7: Accelerating Tomorrow
Accelerating Tomorrow Operating EPS CAGR 20%+ Core Operating ROE 10% - 13% GI Expense Ratio <30% Dividends Per Share CAGR 10%+ (2025-2026) PERFORMANCE METRICS 2025 - 2027F1 For footnote(s), see appendix 7
Slide 8: Section overview of topics
Revived our brand through underwriting and operational excellence Reinsurance strategy: You have to know what you're doing Overview of our global businesses Exhibited operational excellence as a core competency GenAI: Unlocking unparalleled opportunity Relentlessly driving top-quartile financial per
Slide 9: Revived our brand through underwriting and operational excellence
II Revived our brand through underwriting and operational excellence I 9
Slide 10: Global Platform – Three Diverse Operating Segments
North America Commercial $8.5B U.K. $4.4B Japan $2.9B #1 Foreign P&C Insurer1 APAC $2.2B EMEA $3.5B 21 countries Global Platform – Three Diverse Operating Segments 2024 NET PREMIUMS WRITTEN (NPW) BY SEGMENT $24B Pins represent 4 Distribution Hubs in London, Singapore, Dubai and Miami and AIG's Joint
Slide 11: Our Businesses at a Glance
48%Our Businesses at a Glance 2024 NET PREMIUMS WRITTEN (NPW) $24B 22% 30% Retail Property Financial Lines Retail Casualty Glatfelter, Programs and Captives Global Specialty Lexington Talbot-Special ty High Net Worth Auto & Home- owners W arr anty Global A&H For footnote(s), see appendix 11
Slide 12: Significant Multi-Year Improvement Across Both Loss and Expense Ratios
38% 83% 121% 114% 39% 75% 38% 65% 103% 38% 70% 108% 33% 60% 93% 36% 60% 96% 34% 59% 93% 36% 63% 99% 2018 2019 2020 2021 2022 2023 20242017 Loss Ratio Fully Loaded Expense Ratio2 28 points of Combined Ratio Improvement since 2017 Calendar Year Combined Ratio (%)1 Significant Multi-Year Improvement Ac
Slide 13: Substantial Combined Ratio Improvement
Substantial Combined Ratio Improvement Calendar Year Combined Ratio (%)1 2017 2019 202120202018 AIG 103% 99% 96% 93%93% 121% Industry Avg2 98% 96% 101%102% 99% 103% Peer Avg3 96% 94% 94% 96%96% 99% 2022 2023 2024 CONSISTENT OUTPERFORMANCE Peer Top Quartile 95% 91% 94% 96% 93%93% For footnote(s), see
Slide 14: Unprecedented Improvement in Underwriting Profitability
(683) (2,598) (5,448) (3,130) (2,987) (373) (730) (4,126) (5,605) (4,481) (2,911) 95 (919) 1,048 1,806 1,938 1,917 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2008 – 20182 $33B underwriting loss Very strong and consistent underwriting profitability Unpreceden
Slide 15: Historic Limit Reduction with NPW Growth
Historic Limit Reduction with NPW Growth Global Commercial Gross Limit ($T) vs. Global Commercial Net Premiums Written ($B) 2018 2019 2020 2021 2022 2023 2024 $14.8 $16.8 $13.1 $13.1 $15.0 $15.2 $15.8 $2.7 Trillion $1.4 Trillion Global Commercial Gross Limit ($T) Global Commercial NPW1 ($B) For foot
Slide 16: Significantly Reduced Volatility from Property Catastrophe Losses
AIG CATASTROPHE LOSSES AND REINSTATEMENT PREMIUMS RATIO1 AIG CAT LOSS2 AS % OF INDUSTRY INSURED LOSSES FROM NATURAL DISASTERS3 Significantly Reduced Volatility from Property Catastrophe Losses 16% 10% 4% 10% 5% 5% 4% 5% 0 0.02 0.04 0.06 0.08 0.1 0.12 0.14 0.16 0.18 2017 2018 2019 2020 2021 2022 2023
Slide 17: Dramatic Reduction in Severe Losses
119 74 17 25 30 78 480 134 82 108 166 113 96 29 33 37 628 219 132 143 233 201 96 2018 2019 2020 2021 2022 2023 2024 11 10 Dramatic Reduction in Severe Losses1 from Underwriting and Reinsurance Application North America Commercial ex. Validus International Commercial Global Personal Insurance 2.3% 0.
Slide 18: Reinsurance strategy: You have to know what you're doing
Reinsurance strategy: You have to know what you're doing II 18
Slide 19: AIG's Reinsurance Philosophy
AIG’s Reinsurance Philosophy is Designed to Reduce Volatility and Optimize Our Long-Term Position R E I N S U R A N C E B U Y I N G P R I N C I P L E S Financial Impact Volatility Reduction Gross Underwriting Strategy Enterprise Net Underwriting Strategy Long-Term Approach to Buying Balance Sheet Pr
Slide 20: Reinsurance Strategy Enhances the Quality of Underwriting Earnings
Reinsurance Strategy Enhances the Quality of Underwriting Earnings INCURRED LOSSES PR O B A B IL IT Y Greater certainty around reduced expected losses Gross Reduced probability of extreme loss events 90% less chance of aggregate losses being $20B+ Gross Net of Reinsurance P R O B A B IL IT Y I N C U
Slide 21: Net Retention Reductions are Massive from 2017
North America CAT Occurrence Japan CAT Occurrence Rest of World CAT Occurrence Commercial Property Risk (non-CAT) $1,500M $500M $25M $600M $675M $200M $125M No Purchase 100% Retained U.S. Casualty International Casualty PROPERTY CAT OCCURENCE & PROPERTY RISK1 2017 VS. 2025 CASUALTY2 2017 VS. 2025 $1
Slide 22: Property Catastrophe Loss Occurrence Distributions
1.7 1.9 1.9 2.5 5.0 0.5 0.6 0.7 0.8 1.5 1.9 3.2 4.4 6.3 8.9 1.0 1.8 2.5 3.5 5.1 1-in-10 1-in-25 1-in-50 1-in-100 1-in-250 USD $B Gross Reinsurance Impact Return Period (years) Gross: -46% Net: -70% Gross: -43% Net: -67% Gross: -43% Net: -64% Gross: -45% Net: -70% Gross: -43% Net: -70% Property Catas
Slide 23: 2025 Global Casualty Program
US & Canada Core Casualty QS Placed: 20% $25M $75M AIG Retention US & Canada Casualty XOL $10M xs $15M Placed: 80% AIG Retention $15M Global Casualty XOL Section B: US & Canada $50M xs $25M Placed: 100% $100M Global Casualty XOL Section A: International $85M xs $15M Placed: 100% 2025 Global Casualty
Slide 24: Casualty Reinstateable Limits Designed for Tail Scenarios
0 100 200 300 400 500 600 700 800 5 10 25 50 100 200 250 500 1000 A G G R E G A T E L O S S E S ( $ M ) R E T U R N P E R I O D $10M xs $15M US & Canada Aggregate Available - $320M $85M xs $15M International Aggregate Available - $765M $50M xs $25M US & Canada Aggregate Available - $525M Casualty Re
Slide 25: North America Excess Casualty exposed limit
$12.5M $11.2M $12.3M $11.3M $11.6M $12.0M 20% 254% 0 12,500,000 25,000,000 37,500,000 50,000,000 62,500,000 75,000,000 0% 50% 100% 150% 200% 250% 300% 2019 2020 2021 2022 2023 2024 I N D E X ( 2 0 1 9 = 1 0 0 % ) North America Excess Casualty Total Exposed Net Limit1 Net Retention Total Exposed Limi
Slide 26: Overview of our global businesses
Overview of our global businessesIII 26
Slide 27: North America Commercial: Diversified, High-Quality Business
North America Commercial: Diversified, High-Quality Business Retail 55% Wholesale 23% Glatfelter, Programs, Captives 22% Large Commercial 45% Middle Market and Small Commercial 55% Large Commercial: Clients with a total revenue of $1B+ Middle Market and Small Commercial Clients with a total revenue
Slide 28: North America Commercial: Strong Premium Growth and Combined Ratio Improvement
74.7% 72.9% 66.1% 61.9% 61.3% 61.7% 4.6% 16.7% 9.9% 7.3% 6.3% 9.7% 1.0% -2.5% 5.0% 0.2% -4.8% -1.5% 28.3% 28.1% 28.0% 27.2% 25.9% 24.6% 108.6% 115.2% 109.0% 96.6% 88.7% 94.5% 2019 2020 2021 2022 2023 2024 North America Commercial: Strong Premium Growth and Significant Combined Ratio Improvement CALE
Slide 29: North America Commercial: Strong New Business Growth
NEW BUSINESS ($B) 2024 NEW BUSINESS1 Targeted for best risk-adjusted returns North America Commercial: Strong New Business Growth for Stronger Risk-Adjusted Returns 1.7 1.6 2.1 1.9 2.1 2.4 2019 2020 2021 2022 2023 2024 Lexington Property Lexington Casualty Retail Property $525M $300M $230M +7% CAGR
Slide 30: Excess and Surplus Lines Industry Growth
Excess and Surplus Lines Industry Growth Direct Premiums Written ($B): Total E&S Industry (incl. Lloyd’s) 7% 8% 9% 10% 11% 12% 13% 14% 19% 22% 23% 26% 29% 29% Lexington NPW as a % of AIG NA Commercial1 % Non-Admitted lines of Total Industry DPW2 Non-Admitted Lines Industry DPW Excess & Surplus proje
Slide 31: Lexington: Exponential Growth in Submission Activity
$1.7 $2.0 $2.2 $2.3 $2.7 $2.8 $3.1 30K 300K 0 50 100 150 200 250 300 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 2018 2019 2020 2021 2022 2023 2024 Lexington: Exponential Growth in Submission Activity GPW Submissions 10x Gross Premiums Written ($B) Note: Submissions exclude Western World. 31
Slide 32: International Commercial: Diversified, High-Quality Business
International Commercial: Diversified, High-Quality Business Large Commercial: Clients with a Total Revenue of $1B+ Middle Market and Small Commercial : Clients with a Total Revenue under $1B SEGMENT DISTRIBUTIONGlobal Brokers 46% Inter- national brokers 10% Domestic Brokers 22% Agents 8% Partnershi
Slide 33: International Commercial: Strong Growth and Excellent Combined Ratios
International Commercial: Outstanding Portfolio, Delivered Strong Growth and Excellent Combined Ratios NET PREMIUMS WRITTEN 1 ($B) ACCIDENT YEAR COMBINED RATIO (ADJ. ) 2 AYLR (Adj.) 2019 2020 2021 2023 20242022 2019 2020 2021 2023 20242022 Expense Ratio 59.9% 37.7% 56.6% 36.9% 55.7% 35.2% 52.6% 33.0
Slide 34: International Commercial: Strong New Business
NEW BUSINESS1 ($B) 2024 NEW BUSINESS2 Targeted for best risk-adjusted returns International Commercial: Strong New Business 2019 2020 2021 2022 2023 2024 1.7 1.5 1.8 1.9 2.1 2.1 Global Specialty CasualtyTalbot $715M $280M $300M +4% CAGR For footnote(s), see appendix 34
Slide 35: Global Personal Insurance: High-Potential Business
Global Personal Insurance: High-Potential Business Warranty & Services 10% Accident & Health 35% High Net Worth 16% Auto & Home 29% North America 29% APAC 15% UK 3%LAC 3% Japan 32% EMEA 18% GEOGRAPHIC FOOTPRINT 2024 NPW |$7.1B PRODUCT MIX1 Travel 10% 2024 NPW |$7.1B For footnote(s), see appendix 35
Slide 36: Global Personal Insurance: Opportunity to Improve Underwriting Margin
Global Personal Insurance: Scale Business, with Significant Opportunity to Improve Underwriting Margin CALENDAR YEAR COMBINED RATIO 2NET PREMIUMS WRITTEN 1 ($B) ACCIDENT YEAR COMBINED RATIO (ADJ. ) 2 AYLR (Adj.) Expense Ratio 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 20242020 2021 20232022 6
Slide 37: Exhibited operational excellence as a core competency
Exhibited operational excellence as a core competency IV 37
Slide 38: Culture and Foundation of Operational Excellence
AIG 200 Established a Culture and Foundation of Operational Excellence Key Accomplishments IT Operating Model IT Modernization Procurement Standards Operations Finance Real Estate Private Client Group Standard Commercial Underwriting Platform AIG 200 CORE PRIORITY AREAS Achieved $1 billion in run-ra
Slide 39: Divested Non-Core Businesses and Eliminated Costs
Divested Businesses That Were Not Core and Eliminated Significant Costs For footnote(s), see appendix Key Accomplishments2 STRATEGIC DIVESTITURES1 Transferred 13,000 full-time employees, $1.1B of cost reduction Eliminated $250M of stranded costs Sold legacy data centers for over $100M, reducing our
Slide 40: AIG Next: Reduced Costs While Weaving the Company Together
Key Accomplishments $700 $625 $350 $1,300 As Part of AIG Next, We Reduced Costs While Weaving the Company Together PARENT COMPANY EXPENSE1 ($M) 2019 2023 2024 ($275) 2025F2 $300 $1,000 CRBG AIG Next ActionsAIG –44% $1,000 $300 For footnote(s), see appendix Executing transformation with over $500M+ e
Slide 41: GenAI: Unlocking unparalleled opportunity
GenAI: Unlocking unparalleled opportunityV 41
Slide 42: Accelerating the Underwriting Process Using GenAI
For footnote(s), see appendix Portfolio Optimization § Performance modeling of risk-adjusted returns § Identify risk classes and segments expected to yield/exceed target returns § Large scale simulations define the optimal portfolio § Reprioritization back to UW to enable diversification Capital All
Slide 43: Accelerating the Underwriting Process Using GenAI
For footnote(s), see appendix Large Language Models § Document classification and data extraction § Prioritize target risk characteristics § Data augmentation and learning with source Accelerating the End-to-End Underwriting Process by 2X – 5X Using GenAI Underwriting § Assemble 125+ data elements f
Slide 44: Accelerating the Underwriting Process Using GenAI
Portfolio Optimization § Performance modeling of risk-adjusted returns § Identify risk classes and segments expected to yield/exceed target returns § Large scale simulations define the optimal portfolio § Reprioritization back to UW to enable diversification Capital Allocation Accelerating the End-t
Slide 45: Accelerating the Underwriting Process Using GenAI
Portfolio Optimization § Performance modeling of risk-adjusted returns § Identify risk classes and segments expected to yield/exceed target returns § Large scale simulations define the optimal portfolio § Reprioritization back to UW to enable diversification Capital Allocation Accelerating the End-t
Slide 46: Accelerating the Underwriting Process Using GenAI
Accelerating the End-to-End Underwriting Process by 2X – 5X Using GenAI Portfolio Optimization § Large scale simulations define the optimal portfolio § Reprioritization back to UW to enable diversification Capital Allocation § Performance modeling of risk-adjusted returns § Identify risk classes and
Slide 47: Lexington: Exponential Growth in Submission Activity
Lexington: Exponential Growth in Submission Activity 50 56 66 83 98 115 135 7% 8% 9% 10% 11% 12% 13%14% 19% 22% 23% 26% 29% 29% -30% -20% -10% 0% 10% 20% 30% 0 20 40 60 80 100 120 140 160 180 200 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Excess & Surplus projected growth3 DIRECT PREMIUMS WRI
Slide 48: New Technology Expected to Turbocharge Growth
New Technology Expected to Turbocharge Growth Challenge and Resilience (2015 – 2020) Strategic Turnaround (2020 – 2025) Revolutionizing AIG’s capabilities (2025 – 2030) Without adoption of tech 10%+ CAGR 20%+ CAGR 1 With end-to -end adoptio n of tech advancements Tomorrow's increase will be driven b
Slide 49: New Technology Expected to Turbocharge Growth
New Technology Expected to Turbocharge Growth 30,000 2018 1,300 (4%) $0.3B 260,000 NEW BUSINESS SUBMISSIONS BIND/SUBMIT NEW BUSINESS PREMIUM AVERAGE NEW PREMIUM For footnote(s), see appendix. Note: Excludes Western World. 49
Slide 50: New Technology Expected to Turbocharge Growth
New Technology Expected to Turbocharge Growth 30,000 2018 1,300 (4%) $0.3B 260,000 NEW BUSINESS SUBMISSIONS BIND/SUBMIT NEW BUSINESS PREMIUM AVERAGE NEW PREMIUM 300,000 2024 6,700 (2%) $1B 140,000 NEW BUSINESS SUBMISSIONS BIND/SUBMIT NEW BUSINESS PREMIUM AVERAGE NEW PREMIUM For footnote(s), see appe
Slide 51: New Technology Expected to Turbocharge Growth
New Technology Expected to Turbocharge Growth 30,000 2018 1,300 (4%) $0.3B 260,000 NEW BUSINESS SUBMISSIONS BIND/SUBMIT NEW BUSINESS PREMIUM AVERAGE NEW PREMIUM 300,000 2024 6,700 (2%) $1B 140,000 NEW BUSINESS SUBMISSIONS BIND/SUBMIT NEW BUSINESS PREMIUM AVERAGE NEW PREMIUM 2030F1 (with adoption of
Slide 52: Relentlessly driving top-quartile financial performance
Relentlessly driving top-quartile financial performance VI 52
Slide 53: Significant Progress in Capital Management
SUBSIDIARY DIVIDEND 3DEBT LEVERAGE 2RETURN OF CAPITAL SHARES OUTSTANDING ANNUALIZED DIVIDEND PER SHARE1 FINANCIAL & HYBRID DEBT DEBT-TO-TOTAL-CAPITAL RATIO $22.2B $8.7B 2017 2024 25.3% 17.0% 2017 2024 2017 2024 $350M 899M 2017 2024 606M $1.60 2017 2023 $1.28 Significant Progress in Capital Managemen
Slide 54: Strengthening in General Insurance Ordinary Dividend Capacity
2024 12017 1 Strengthening in General Insurance Ordinary Dividend Capacity Corebridge Ordinary DividendsGI Ordinary Dividends USES Shareholder Dividends Interest Expense Restructuring Expense Parent Expenses $400M USES 2,000 $1,000M 1,000 600 2,350 450 300 1,170 4,000 1,170 400 USES Shareholder Divi
Slide 55: Global Personal Insurance: Underwriting Profitability Improvement Potential
Global Personal Insurance: Underwriting Profitability Improvement Potential 2024 Combined Ratio1 Acquisition Ratio 2025-2027F Combined Ratio2 GOE RatioNPW Growth CAT RatioAYLR 99.2% 94.0% L O S S R A T I O E X P E N S E R A T I O Over 500 bps of a Combined Ratio Improvement For footnote(s), see appe
Slide 56: Fully Loaded General Insurance Expense Ratio Expected to Decline
22.2% 20.6% 19.6% 19.2% 19.2% 19.4% 18.8% 16.1% 16.9% 16.7% 16.6% 14.8% 13.8% 13.6% 38.3% 37.5% 36.3% 35.8% 34.0% 33.2% 32.4% 2019 2020 2021 2022 2023 2024 2024 2025 Fully Loaded GOE Ratio2 GI Acquisition Ratio Fully Loaded Expense Ratio Expected to Continue to Decline Fully Loaded General Insurance
Slide 57: AIG M&A Framework
KEY ASSESSMENT CRITERIA INCLUDE: KEY FINANCIAL TARGETS INCLUDE: Enhance AIG’s position in core product capabilities Accretive to ROE Accretive to EPS Manageable TBV Impact Provide additional scale or access in new geographies Relentless focus on business quality with track record of underwriting exc
Slide 58: Path to 10%–13% Core Operating ROE
Core Operating ROE (%) Path to 10% – 13% Core Operating ROE 10–13% 2024 2025–2027F1Underwriting Income Expense Optimization Net Investment Income Interest Expense Tax Efficiency Share Repurchase 9.1% For footnote(s), see appendix. Note: The boxes in this chart are not scaled to represent the % contr
Slide 59: Industry-Leading Operating EPS Growth
$2.40 $0.31 $2.38 $5.09 $2.40 $3.86 $6.82 Industry-Leading Operating EPS Growth Operating Earnings Per Share ($) AIG Operating EPS (ex. ValRe & CRS and CRBG) Validus Re & CRS Contribution CRBG Contribution $3.10 $2.38 $2.47 $4.95 $5.70 $2.52 $1.70 $2.79 $4.58 2020 2021 2022 2025F2023 20242019 2027F
Slide 60: Accelerating Tomorrow
Accelerating Tomorrow Operating EPS CAGR 20%+ Core Operating ROE 10% - 13% GI Expense Ratio <30% Dividends Per Share CAGR 10%+ (2025-2026) PERFORMANCE METRICS 2025 - 2027F1 For footnote(s), see appendix 60
Slide 61: Investor Day 2025
INVESTOR DAY 2025
Slide 62: Strong balance sheet and financial flexibility agenda
Strong balance sheet and financial flexibilityI II Capital management Strong reserve position III IV Expense optimizationV Investments and net investment income 62
Slide 63: Strong balance sheet and financial flexibility
Strong balance sheet and financial flexibilityI 63
Slide 64: Well Capitalized to Support Growth
$20.5 $22.6 $21.9 $22.9 $23.9 72% 76% 78% 82% 89% 2020 2021 2022 2023 2024 General Insurance Net Premium Written (NPW) ($B) to Statutory Capital1 Well Capitalized to Support Growth General Insurance NPW NPW/Statutory Surplus For footnote(s), see appendix 64
Slide 65: Sustainable Insurance Company Dividends
Sustainable Insurance Company Dividends Driven by Strong Profitability General Insurance Subsidiary Dividends / Distributions1 ($B) Ordinary Dividends Extraordinary Dividends / Distribution $2.38 $0.7 $0.6 $1.3 $0.9 $1.4 $2.3 $0.9 $2.5 $3.4 2020 2021 Target Annual Ordinary Dividends Run Rate2 2022 2
Slide 66: Industry-Leading Debt to Total Capital Ratio
AIG TOTAL DEBT AND PREFERRED STOCK TO TOTAL CAPITAL LEVERAGE RATIO & DEBT STRUCTURE1 ($B) Reduced debt by $17.8B from 2020 to 2024 AIG leverage ratio of 17.0% at year-end 2024 Peer leverage ratio2 of 23.4% at year-end 2024 AIG Financial & Hybrid Debt CRBG Financial & Hybrid Debt Preferred Stock Tota
Slide 67: Built Balance Sheet Strength with Financial Flexibility
Built Balance Sheet Strength with Financial Flexibility FINANCIAL STRENGTH RATINGS1 A2 Positive A Stable A+ Positive A+ Stable KEY HIGHLIGHTS (AS OF DECEMBER 31, 2024) $7.7B Strong Parent Liquidity 407% RBC Robust U.S. Insurance Subsidiary Capitalization 17% Debt/Total Capital Leverage Ratio For foo
Slide 68: Strong reserve position
Strong reserve positionII 68
Slide 69: Actuarial Pricing and Reserving is Foundational
$40.1B Net Loss Reserves Actuarial Pricing and Reserving is Foundational Actuarial Principles Conservative initial loss picks developed at a granular level Strong and frequent triangulation between actuarial, claims and underwriting to get ahead of trends Robust governance including internal and ext
Slide 70: Consistent Favorable Reserve Development
($3,275) ($5,442) ($999) ($429) $212 $42 $163 $437 $393 $368 (8,000) (6,000) (4,000) (2,000) - 2,000 4,000 6,000 8,000 Discipline Driving Consistent Favorable Reserve Development Prior Year Development1 ($M) and Impact to Adjusted Book Value Per Share (ABVPS) CUMULATIVE IMPACT ON ADJUSTED BVPS: 3%CU
Slide 71: Accident Year Loss Ratio Development, U.S. Long-Tail Commercial
Accident Year Loss Ratio Development | U.S. Long-Tail Commercial1 ACCIDENT YEAR LOSS RATIO (AYLR) DEVELOPMENT: INITIAL VS. CURRENT AS OF 2024 AY’15 AY’16 AY’17 AY’18 AY’24AY’23AY’22AY’21AY’20AY’19 P&C Industry Initial LR2 73%73% AIG Current LR2 95% 89% P&C Industry Current LR2 69% AIG Initial LR2 85
Slide 72: AYLR Development, Other Liability Occurrence and Commercial Auto
U.S. OTHER LIABILITY OCCURRENCE: INITIAL VS. CURRENT AS OF 2024 U.S. COMMERCIAL AUTO LIABILITY: INITIAL VS. CURRENT AS OF 2024 AY’15 AY’16 AY’17 AY’18 AY’19 AY’20 AY’21 AY’22 AY’23 AY’24 AY’15 AY’16 AY’17 AY’18 AY’19 AY’20 AY’21 AY’22 AY’23 AY’24 AIG acted earlier by materially strengthening these A
Slide 73: IBNR-to-Reserves, U.S. Long-Tail Commercial Lines
68% 71% 71% 73% 78% 80% 2019 2020 2021 2022 2023 2024 64% 65% 66% 67% 67% 68% 2019 2020 2021 2022 2023 2024 IBNR-to-Reserves | U.S. Long-Tail Commercial Lines1 10 YEAR U.S. LONG-TAIL COMMERCIAL LINES IBNR2-TO-RESERVES RATIO AYs ‘10-’19 AYs ‘11-’20 AYs ‘12-’21 AYs ‘13-’22 AYs ‘14-’23 AYs ‘15-’24 P&C
Slide 74: IBNR-to-Reserves, Other Liability Occurrence and Commercial Auto
IBNR-to-Reserves | Other Liability Occurrence and Commercial Auto 10 YEAR U.S . OTHER L IABIL ITY OCCURRENCE 10 YEAR U.S . COMMERCIAL AUTO LIABIL ITY 71% 80% 79% 77% 83% 85% 2019 2020 2021 2022 2023 2024 71% 74% 74% 74% 75% 76% 2019 2020 2021 2022 2023 2024 61% 61% 61% 66% 72% 75% 2019 2020 2021 202
Slide 75: Investments and net investment income
Investments and net investment incomeIII 75
Slide 76: High-Quality Investment Portfolio
$61.3 $3.4$9.8$14.4 $0.7 KEY PORTFOLIO HIGHLIGHTSAIG INVESTMENT PORTFOLIO ($B) $89.8B Fixed maturity securities2 Mortgage and other loans receivable Other invested assets (incl. alternatives)3 Equity securities Short-term investments (STI) Average Duration63.8 years Allocation to Fixed Income Assets
Slide 77: Core General Insurance Portfolio Driving Investment Income Growth
$0.4 AIG INVESTMENT PORTFOLIO ($B) General Insurance Other Operations $2.4 $0.3 $0.4 2024 $3.1 $0.4 $3.5 2024 $77.4 $12.4 $89.8B NET INVESTMENT INCOME – APTI BASIS($B) General Insurance Other Operations FMS – AFS & Loans2 STI Alternatives & Others For footnote(s), see appendix Core General Insurance
Slide 78: Core General Insurance Portfolio Driving Investment Income Growth
$0.4 $2.4 $0.3 $0.4 2024 $3.1 $0.4 $3.5 2024 NET INVESTMENT INCOME – APTI BASIS($B) General Insurance Other Operations FMS – AFS & Loans2 STI Alternatives & Others For footnote(s), see appendix Core General Insurance Portfolio Driving Investment Income Growth1 78
Slide 79: Core General Insurance Portfolio Driving Investment Income Growth
$0.4 $2.4 $0.3 $0.4 2024 Core General Insurance Portfolio Driving Investment Income Growth1 GI NET INVESTMENT INCOME – APTI BASIS($B) General Insurance Other Operations AREAS OF OPPORTUNITY3 Increase allocations to private credit Consistently grow the invested asset base Optimize lower-yielding inte
Slide 80: Increase Allocation to Private Credit and Private Equity
12-15% 6-8% Increase Allocation to Private Credit and Private Equity 8%5% CURRENT TARGET 1 GENERAL INSURANCE INVESTMENT PORTFOLIO2 Private Credit Private Equity For footnote(s), see appendix 80
Slide 81: Capital management
Capital managementIV 81
Slide 82: Key Uses of Capital 2019–2024
1.0 1.7 3.7 9.4 2.2 2.6 0.5 2.6 5.1 3.0 6.6 1.1 1.1 1.1 1.0 1.0 1.0 $2.1 $3.3 $7.4 $15.5 $6.2 $10.2 2019 2020 2021 2022 2023 2024 Share Repurchases Dividends Total Asset Sales and Other - $2.1 $6.1 $10.0 $7.4 $6.6 Leverage Reduction1 2 Key Uses of Capital | 2019 – 2024 ($B) For footnote(s), see appe
Slide 83: Driving Value Through Share Repurchases
$2.6 $5.1 $3.0 $6.6 2021 2022 2023 2024 2025F Driving Value Through Share Repurchases ~$5-$6B REPURCHASE OF COMMON STOCK ($B) Restructuring & Interest Expense Shareholder Dividends Parent Expenses Deployable Capital TARGET RUN RATE SOURCES AND USES1 ($B) 1 $3.0 GI Ordinary Dividends (.65) (.35) (~1.
Slide 84: Consistent and Sustainable Common Stock Dividend Increases
Consistent and Sustainable Common Stock Dividend Increases $1.28 $1.28 $1.44 $1.60 2021 2022 2023 2024 2025-26F 10%+ CAGR Double Digit Growth COMMON STOCK DIVIDEND PER SHARE 2 2 For footnote(s), see appendix 1 84
Slide 85: Expense optimization
Expense optimizationV 85
Slide 86: Fully Loaded General Insurance Expense Ratio Expected to Decline
22.2% 20.6% 19.6% 19.2% 19.2% 19.4% 18.8% 16.1% 16.9% 16.7% 16.6% 14.8% 13.8% 13.6% 38.3% 37.5% 36.3% 35.8% 34.0% 33.2% 32.4% 2019 2020 2021 2022 2023 2024 2024 2025 Fully Loaded GOE Ratio2 GI Acquisition Ratio Fully Loaded Expense Ratio Expected to Continue to Decline Fully Loaded General Insurance
Slide 87: Path to 10%–13% Core Operating ROE
Core Operating ROE (%) Path to 10% – 13% Core Operating ROE 10–13% 2024 2025–2027F1Underwriting Income Expense Optimization Net Investment Income Interest Expense Tax Efficiency Share Repurchase 9.1% For footnote(s), see appendix. Note: The boxes in this chart are not scaled to represent the % contr
Slide 88: Accelerating Tomorrow
Accelerating Tomorrow Operating EPS CAGR 20%+ Core Operating ROE 10% - 13% GI Expense Ratio <30% Dividends Per Share CAGR 10%+ (2025-2026) PERFORMANCE METRICS 2025 - 2027F1 For footnote(s), see appendix 88
Slide 89: Investor Day 2025
INVESTOR DAY 2025
Slide 90: Global Specialty: World-Class Portfolio with Accelerated Growth Potential
Strong broker positions with room to expand High-growth, high-margin Marine and Energy Accelerated growth through our hubs and global distribution Data-led portfolio management Expert underwriters across AIG and Talbot platforms Superior loss ratios enable high growth GROWTH AND PERFORMANCE ENABLERS
Slide 91: North America Commercial P&C Retail Businesses
North America Commercial P&C Retail Businesses Retail Casualty Repositioned the portfolio, establishing the foundation for strategic growth Depth of underwriting expertise and market leadership Retail Property Technical underwriting excellence Differentiated capacity and expertise Financial Lines Fo
Slide 92: North America Commercial P&C Retail Businesses
Retail Casualty Repositioned the portfolio, establishing the foundation for strategic growth Depth of underwriting expertise and market leadership Retail Property Technical underwriting excellence Differentiated capacity and expertise Financial Lines Focused growth in high-margin lines and strategic
Slide 93: North America Commercial Distribution Strategy
DISTRIBUTION APPROACH Broker- and client-first Targeted orientation Highly aligned with Claims and Underwriting Alignment Intense accountability Channel clarity and commitment Thought Leadership orientation Accountability KPI-driven decisionsData North America Commercial Distribution Strategy 93
Slide 94: Investor Day 2025
INVESTOR DAY 2025
Slide 95: Property Catastrophe Retentions: 2017 and 2025
North America… North America… Japan… Japan… Rest of World… Rest of World… AGGREGATE Property Catastrophe Retentions1: 2017 and 2025 OCCURRENCE REST OF WORLD 2nd EVENT REST OF WORLD 1st EVENT NORTH AMERICA 2nd EVENT COMMERCIAL NORTH AMERICA 1st EVENT COMMERCIAL JAPAN 2nd EVENT JAPAN 1st EVENT $1,500M
Slide 96: Investor Day 2025
INVESTOR DAY 2025
Slide 97: Highly Diversified Portfolio with Blackstone-backed Lloyd's Vehicle
~25% ~15% ~20% ~15% ~25% HIGHLY DIVERSIFIED PORTFOLIO Aligned with strategy to connect pools of capital with our diverse risk origination capabilities Platform Leverage Reinsurance Approach Modeling Partnership Opportunity First of its kind structure and one of the largest new syndicates in Lloyd's
Slide 98: Investor Day 2025
INVESTOR DAY 2025
Slide 99: Talbot: AIG's Strong and Unique Credentials in the Lloyd's Market
Talbot | AIG's Strong and Unique Credentials in the Lloyd's Market Lloyd’s is a $72B world-leading and growing insurance marketplace1 AIG AT LLOYD'SBENEFITS OF THE LLOYD'S MARKET THE SOCIETY OF LLOYD'S Top managing agent at Lloyd's with 3 syndicates AIG leadership has rare insight of Lloyd's 2 Syndi
Slide 100: Talbot: Syndicate 1183 is AIG's Trading Syndicate at Lloyd's
Talbot | Syndicate 1183 is AIG's Trading Syndicate at Lloyd's Talbot leveraging AIG's global capabilities Critical component of AIG's unique UK franchise Opportunity to increase the number of syndicates under management Primed for higher growth through strong underwriting performance Access to world
Slide 101: Investor Day 2025
INVESTOR DAY 2025
Slide 102: North America Commercial Opportunities
Retail Property 10% Captives 2% Retail Casualty 24% Lexington 29% Financial Lines 21% North America Commercial Opportunities Wholly-owned program manager and insurer Third-party Delegated Underwriting Authority (DUA) market leader 2024 SEGMENT Non-Large Commercial ~55% Large Commercial ~45%Large Com
Slide 103: North America Commercial Opportunities
Retail Property 10% Captives 2% Retail Casualty 24% Lexington 29% Financial Lines 21% North America Commercial Opportunities Wholly-owned program manager and insurer Third-party Delegated Underwriting Authority (DUA) market leader 2024 SEGMENT Non-Large Commercial ~55% Large Commercial ~45%Large Com
Slide 104: North America Commercial: Glatfelter
North America Commercial: Glatfelter 27 321 439 450 510 575 591 2018 2019 2020 2021 2022 2023 2024 NPW CAGR= 13% Acquired 11/2018 NPW ($M) AIG'S POSITION Focused on 4 verticals: Emergency Services, Public Entities, Healthcare and Religious Practices Maximize strategic AIG broker relationships Contin
Slide 105: North America Commercial: AIG Programs
North America Commercial: AIG Programs 923 398 364 359 451 501 563 2018 2019 2020 2021 2022 2023 2024 NPW ($M) Repositioned risk appetite and strengthened capabilities by applying Glatfelter's best practices Well-positioned to capitalize on market growth with underwriting expertise and depth of prod
Slide 106: Investor Day 2025
INVESTOR DAY 2025
Slide 107: Global Personal Insurance: Underwriting Profitability Improvement Potential
20241 NPW AYLR CAT ACQ GOE 2027F2 99.2% 94.0% Growth Accelerate higher margin segments, especially A&H Higher proportion of E&S in HNW Digitize to better access and serve markets Loss Ratio Continued rate increases ahead of loss trends Increase pace of change in business mix Remediate or remove unde
Slide 108: Global Accident & Health: A Large and High-Quality Growth Portfolio
Global Accident & Health | A Large and High-Quality Growth Portfolio AIG is the industry pioneer seeking to reestablish our position in a $250B market1 $293M average annual underwriting profit and 89% average Calendar Year Combined Ratio (5-year) BUSINESS MIX 7% 13% Specialty Group Health 2% A&H Lon
Slide 109: Investor Day 2025
INVESTOR DAY 2025
Slide 110: Building for the Future
BUILDING FOR THE FUTURE 110
Slide 111: We Leverage Modern Technology to Overcome Core Industry Challenges
Data Inaccessibility PDFs, qualitative data and data trapped in legacy technologies No Industry Data Standards No insurance industry data standards and extreme data heterogeneity Expensive Manual Data Entry Elevates expense ratios, introduces data quality issues and dilutes margins Human Expertise A
Slide 112: Underwriters Spend Significant Time on Submission-to-Quote Process
Underwriters Spend a Significant Amount of Time and Effort Overcoming These Challenges in Current Submission-to-Quote Process S U B M I S S I O N U N D E R W R I T E R A S S E S S M E N T Submission data manually extracted 01 Submission details manually checked 02 Internal and external research cond
Slide 113: Manual Ingestion & Inconsistent Data Quality
Manual Ingestion & Inconsistent Data Quality Time-consuming, fractured data collection prone to errors U W P R O C E S S T O D A Y C U R R E N T U N D E R W R I T I N G T I M E L I N E Slow response time 24 26 27 2825 8 9 105 6 74 15 16 1712 13 1411 22 2319 20 2118 Inconsistent data quality Manual,
Slide 114: Disciplined Approach in Applying GenAI to Underwriting
Quantify outcomes to substantiate meaningful, real-world impact KEY GENERATIVE AI BUILD PRINCIPLES Embrace Human-in-the- loop paradigm for robust oversight and iterative refinement Co-create with the business - not just a tech solution Targeted, high- impact use case that addresses key business chal
Slide 115: AIG Underwriter Assistance is Now Live in Production
We Built a GenAI Solution to Support Underwriters at Scale: AIG Underwriter Assistance is Now Live in Production In production in Financial Lines, Private Not-for-Profit (PNP); quickly scaling to the rest of our businesses AIG UNDERWRITER ASSISTANCE Imagine underwriters arrive at their desk to find
Slide 116: AIG Underwriter Assistance Features Across Three Key Capabilities
Built AIG Underwriter Assistance Features Across Three Key Capabilities Enabled by GenAI Timeline Rank Appetite Rank 1) Acme Inc. 1) CJ Auto 2) CJ Auto 2) HJFC Inc. 3) HJFC 3) Acme Inc. Propensity to Bind A U G M E N T A T I O N Anthropic LLM Claude 3.5, Palantir AIP, AWS Bedrock I N G E S T I O N A
Slide 117: AIG Underwriter Assistance Prepares Submissions Within One Day
AIG Underwriter Assistance Synthesizes and Prepares Submissions for Underwriter Review Within One Day S U B M I S S I O N W I T H A I G U N D E R W R I T E R A S S I S T A N C E U N D E R W R I T E R A S S E S S M E N T AI extracts submission data 01 AI analyzes submissions 02 AI synthesizes and sum
Slide 118: AIG Underwriter Assistance Delivers Curated Submission Summary
S U B M I S S I O N W I T H A I G U N D E R W R I T E R A S S I S T A N C E U N D E R W R I T E R A S S E S S M E N T AI extracts submission 01 AI analyzes submissions 02 AI synthesizes and summarizes 03 AI analyzes risk factors and 04 Quote Bind 06 Underwriter analyzes 05 A I G U N D E R W R I T E
Slide 119: New Technology Expected to Turbocharge Growth
New Technology Expected to Turbocharge Growth Challenge and Resilience (2015 – 2020) Strategic Turnaround (2020 – 2025) Revolutionizing AIG’s capabilities (2025 – 2030) Without adoption of tech 10%+ CAGR 20%+ CAGR 1 With end-to -end adoptio n of tech advancements Driven by AIG Underwriter Assistance
Slide 120: Scaling GenAI Solution Across Underwriting and Claims
I N G E S T I O N Synthesis of initial claim details by automating extraction of key claim and policy information Automatic extraction of all critical fields from broker-provided submission documents A U G M E N T A T I O N Extraction and summary of key insights from claim records, policy documents,
Slide 121: Scaling GenAI Solution Across Underwriting and Claims
I N G E S T I O N Synthesis of initial claim details by automating extraction of key claim and policy information Automatic extraction of all critical fields from broker-provided submission documents A U G M E N T A T I O N Extraction and summary of key insights from claim records, policy documents,
Slide 122: What Underwriter and Claims Assistance Mean for Stakeholders
What Does AIG Underwriter Assistance and AIG Claims Assistance Mean for Our Stakeholders? Prompt and Consistent Responses Policies should contain more accurate coverage information and details (e.g., addresses, personnel on initial issuance and claims should be addressed more quickly) D I S T R I B
Slide 123: AIG Underwriter Assistance Component Architecture
AIG Underwriter Assistance Component Architecture Agentic, future-proof foundation with maximum flexibility Efficient, scalable architecture Strategic partnerships with best-in-class technologies SOURCE DATA (INTERNAL & EXTERNAL) CONSUMPTION LAYER PLATFORM OPS & ENABLEMENT1 AI APPLICATIONS & SERVICE
Slide 124: Retrieval Augmented Generation (RAG)
Retrieval Augmented Generation (RAG) Foundational knowledge share to simulate human analysis Large Language Model Endpoint Search Relevant Information 1 Prompt: Instructions to LLM 6 Human in the loop review and approval 4 Prompt + Context: Instructions plus additional information sent to LLM 3 Cont
Slide 125: Partnerships with Anthropic and Palantir
Global Complex Insurance Underwriter and Claims Adjuster • Deep insurance knowledge and expertise • Clear business target and vision for growth enablers and constraints • Extensive global data Leading GenAI Company • One of the top LLMs (Claude 3.5) • Deep expertise in training LLMs to interpret and
Slide 126: Investor Day 2025
INVESTOR DAY 2025
Slide 127: Appendix: Endnotes & Glossary of Non-GAAP Financial Measures
Appendix: Endnotes & Glossary of Non-GAAP Financial Measures and Non-GAAP Reconciliations Copyright © 2025 American International Group, Inc. All rights reserved. 127
Slide 128: Appendix: Important Information
APPENDIX IMPORTANT INFORMATION Forecasts and projections are not guarantees of future performance and are based on management’s current expectations and on assumptions currently believed to be reasonable. Our filings with the SEC provide details on important factors that could cause actual results o
Slide 129: Endnotes
Historic Limit Reduction with NPW Growth 1. NPW has been restated to exclude Validus Re and Crop Risk Services for all periods, as applicable. Significantly Reduced Volatility From Property Catastrophe Losses 1. AIG Catastrophe Losses and Reinstatement Premiums Ratio has been restated to exclude Val
Slide 130: Endnotes
Excess and Surplus Lines Industry Growth 1. NPW has been restated to exclude Validus Re and Crop Risk Services for all years as applicable. 2. Source: Annual P&C statutory statements. DPW reflects statutory direct written premium which excludes assumed reinsurance. 2024 DPW estimated based on S&P Da
Slide 131: Endnotes
New Technology Expected To Turbocharge New Business Growth 1. Forecasts are based on estimates and assumptions and are subject to market conditions. New Technology Expected To Turbocharge New Business Growth 1. Forecasts are based on estimates and assumptions and are subject to market conditions. Si
Slide 132: Endnotes: Financial Update
Financial Update: CFO Update Well Capitalized to Support Growth 1. NPW and Statutory Capital have been restated to exclude Validus Re and Crop Risk Services for all years presented, as applicable. Sustainable Insurance Company Dividends Driven By Strong Profitability 1. All figures have been rounded
Slide 133: Endnotes
Core GI Portfolio Driving Investment Income Growth 1. All amounts shown and key portfolio highlights are as of December 31, 2024 and exclude Fortitude Re funds withheld assets and Investments of businesses in run-off. 2. Includes income from FMS – AFS and mortgage and other loans receivable, as well
Slide 134: Endnotes: Panel Discussion
Panel Discussion: Growth and Differentiation Property Catastrophe: 2017 and 2025 1. North America & Japan Catastrophe Occurrence limits and retentions based on max any one event retention at January 1, 2017 and 2025. 2. North America Secondary Perils covers natural perils excluding NA Named Storm an
Slide 135: Glossary of Non-GAAP Financial Measures
Glossary of Non-GAAP Financial Measures Throughout this presentation, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are “Non-GAAP financial measures” under Securit
Slide 136: Glossary of Non-GAAP Financial Measures
Glossary of Non-GAAP Financial Measures Adjusted After-tax Income attributable to AIG common shareholders (AATI) is derived by excluding the tax effected APTI adjustments described above, dividends on preferred stock and preferred stock redemption premiums, noncontrolling interest on net realized ga
Slide 137: Reconciliation of Pro Forma Fully Loaded Ratios
Reconciliation of Pro Forma Fully Loaded Ratios Years Ended December 31, 2017 2018 2019 2020 2021 2022 2023 2024 GI acquisition ratio 21.8% 20.4% 19.6% 19.3% 19.5% 19.4% Validus Re and CRS impact 0.4 0.2 - (0.1) (0.3) - GI acquisition ratio excluding Validus Re and CRS impact 22.2% 20.6% 19.6% 19.2%
Slide 138: Reconciliation of Underwriting Income (Loss)
Reconciliation of Underwriting Income (Loss) Years Ended December 31, (in millions) 2018 2019 2020 2021 2022 2023 Underwriting income (loss) as reported $ (3,137) $ 89 $ (1,024) $ 1,055 $ 2,048 $ 2,349 Validus Re and CRS impact 226 6 105 (7) (242) (411) Underwriting income (loss) excluding Validus R
Slide 139: Reconciliation of North America Commercial Net Premiums Written
Reconciliation of North America Commercial Net Premiums Written Years Ended December 31, (in millions) 2018 2019 2020 2021 2022 2023 Net premiums written as reported $ 7,598 $ 8,224 $ 8,635 $ 10,226 $ 10,899 $ 11,432 Validus Re and CRS impact (177) (1,912) (2,369) (3,213) (3,534) (3,708) Net premium
Slide 140: Reconciliation of North America Accident Year Ratios
Reconciliation of North America Accident Year Loss and Accident Year Combined Ratios Years Ended December 31, 2019 2020 2021 2022 2023 2024 As Reported: Loss Ratio 79.0% 85.4% 79.4% 69.1% 61.8% 69.9% Catastrophe losses and reinstatement premiums (6.3) (16.7) (9.7) (6.9) (5.9) (9.7) Prior year develo
Slide 141: Reconciliation of International Commercial Accident Year Ratios
Reconciliation of International Commercial Accident Year Loss and Accident Year Combined Ratios Years Ended December 31, 2019 2020 2021 2022 2023 2024 As Reported: Loss Ratio 63.0% 66.8% 61.6% 55.8% 58.3% 54.8% Catastrophe losses and reinstatement premiums (3.5) (8.5) (3.1) (5.0) (3.9) (2.9) Prior y
Slide 142: Reconciliation of Global Personal Accident Year Ratios
Reconciliation of Global Personal Accident Year Loss and Accident Year Combined Ratios Years Ended December 31, 2020 2021 2022 2023 2024 As Reported: Loss Ratio 59.6% 48.6% 54.0% 55.3% 54.1% Catastrophe losses and reinstatement premiums (5.0) (2.7) (2.3) (2.6) (2.0) Prior year development, net of re
Slide 143: Reconciliation of Adjusted Pre-tax and After-tax Income
Reconciliation of Adjusted Pre-tax and After-tax Income Year Ended December 31, 2024 Total Tax Non- (Benefit) controlling After (in millions) Pre-tax Charge Interests(a) Tax Pre-tax income/net income (loss), including noncontrolling interests $ 3,870 $ 1,170 $ - $ (926) Noncontrolling interests(a) (
Slide 144: Reconciliation of Return On Equity
Reconciliation of Return On Equity Year Ended December 31, 2024 (dollars in millions) Actual or Annualized net income (loss) attributable to AIG common shareholders (a) $ (1,426) Actual or Annualized adjusted after-tax income attributable to AIG common shareholders (b) $ 3,254 Average AIG common sha
Slide 145: Reconciliation of New Premiums Written (NPW)
Reconciliation of New Premiums Written (NPW) Years Ended December 31, (in millions) 2020 2021 2022 2023 NPW as reported $ 22,959 $ 25,890 $ 25,512 $ 26,719 Validus Re and CRS impact (2,429) (3,299) (3,612) (3,803) NPW excluding Validus Re and CRS impact $ 20,530 $ 22,591 $ 21,900 $ 22,916 Reconcilia
American International Group — Investor Day (March 2025) on 6ix